Lerna, Coles County, Illinois Property Taxes

Name: Property Tax Bills Across Lerna, Coles County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Lerna, IL effective property tax rate: 2.30%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%.
Median Lerna, IL home value: $62,469
Median annual Lerna, IL tax bill: $1,374, $1,026 lower than the national median property tax bill of $2,400.

How are property taxes in Coles County calculated?

Property taxes in Lerna, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Lerna’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Lerna, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Lerna, Coles County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

2.3%

Estimate Property Tax Bill

$1,437

$1,333

Ownwell’s Lerna Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lerna with just two data points. By entering your property's estimated assessed value, our calculator applies Lerna’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Coles County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Lerna, Coles County, Illinois

Local government entities set tax rates, which can vary widely within a state. This is because annually, each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process.

In Lerna, located in Coles County, Illinois, the effective property tax rate stands at 2.30%. This is significantly higher than the national median property tax rate of 1.02%. Illinois generally has higher property tax rates compared to many other states, and Lerna is no exception.

Residents in Lerna might find their property tax bills considerably higher than the national median property tax bill of $2,400. This higher tax rate can be attributed to the county's budgetary needs and the total assessed value of properties within its borders. Comparing Lerna’s effective property tax rate to other cities in Illinois and the median property tax rates in Illinois and the U.S. can provide valuable insights for property owners and potential buyers.

Property Tax Rates Across Lerna, Coles County, Illinois

Source: Ownwell

2.22%

2.64%

3.07%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Lerna Taxx Rate

2.30%

Median Effective Coles County Taxx Rate

2.84%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across Lerna, Coles County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
62440	1.64%	2.15%	2.30%	2.42%	2.60%

Source: Ownwell

Property Tax Assessment Values Across Lerna, Coles County, Illinois

When examining property taxes in Lerna, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Coles County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Coles County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Lerna. For example, the median home price in Lerna is $62,469, with tax bills ranging significantly across the county. 62440 has the highest median home price at $62,469.

Property Tax Assessment Values Across Lerna, Coles County, Illinois

Source: Ownwell

$55,224

$88,860

$122,496

Median Lerna Market Value

$62,469

Median Coles County Market Value

$64,296

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across Lerna, Coles County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
62440	$9,667	$22,050	$62,469	$124,809	$193,053

Source: Ownwell

Property Tax Bills Across Lerna, Coles County, Illinois

In Lerna, located in Coles County, IL, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of the market value. The median home price in Lerna is $62,469, and property tax rates are applied to this assessed value. Factors such as local government budgets and school funding requirements also influence the tax rate. Homeowners in Lerna experience a wide range of property tax bills, with the 25th percentile at $531 and the 75th percentile at $2,742. The 90th percentile can reach up to $5,182, highlighting the potential financial impact on homeowners. With a median property tax bill of $1,374, Lerna is below the national median of $2,400, but there are still opportunities for savings. Ownwell assists homeowners by identifying potential errors in property assessments and filing appeals, potentially reducing their tax burden. By leveraging expert knowledge and local data, Ownwell helps ensure homeowners pay only their fair share.

Property Tax Bills Across Lerna, Coles County, Illinois

Source: Ownwell

$1,172

$2,467

$3,762

Median Lerna Tax Bill

$1,374

Median Coles County Tax Bill

$1,659

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across Lerna, Coles County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
62440	$269	$531	$1,374	$2,742	$5,182

Source: Ownwell